This report summarizing the current crop situation just came in:
-Queen (Gordal) Olives; harvest almost completed with a total crop of about 60 % of last year. Cost of raw material is expected to increase in the range of 15%, though final prices will not be settled till further later in the year.
-Manzanilla Olives; harvest still running, crop about 80% of the average year; raw material price increase might end being set in about 5% increase over 2005 price . Most significant characteristic seems to be the small size of olives in average.
Possible rains in short term may still help to improve the crop conditions for this variety.
-Hojiblanca Olives; crop will run over the nest weeks. Weather changes (rain) may be of critical impact in the overall situation. Overall the crop of “hojiblanca variety” seems to be good in volume (total harvest) though with higher prices than originally expected so we may not see any discount on raw material cost versus 2005 as originally forecasted, but, still too early to make firm statements on this point.
The effects of California Crop shortage seems to be translated into the market with firmer demand of canned olives incoming from buyers traditionally devote to California Ripe Olives.
This update is subject to the development of weather conditions along the next days; we shall keep you posted on further news.
0 comments:
Post a Comment